BMW invests in innovative method for CO2-free steel production
BMW has announced that it is investing in an innovative method for CO2-free steel production being developed by an American startup called Boston Metal, through its venture capital fund - BMW i Ventures.
The investment is a part of the company's sustainability goals aimed at significantly reducing CO2 emissions across its supplier network. "We systematically identify the raw materials and components in our supplier network with the highest CO2 emissions from production. Steel is one of them, but it is vital to car production," says Andreas Wendt, member of the Board of Management of BMW AG responsible for Purchasing and Supplier Network.
BMW aims to produce about two million tonnes lower CO2 compared to current figures by 2030. For this reason, we have set ourselves the goal of continuously reducing CO2 emissions in the steel supply chain. "For this reason, we have set ourselves the goal of continuously reducing CO2 emissions in the steel supply chain," Wendt added.
BMW's press plants in Europe process more than half a million tonnes of steel per year. It is quite a significant and versatile material used in car production. It will also remain important for future vehicle generations even as electromobility catches up.
Now, how does Boston Metal plan to make steel CO2 free? The blast furnaces used in conventional steel production generate carbon dioxide. To go green with this process, the startup uses electrons instead of coal for steel production. If electricity from renewable energies is used for this process, then steel production is carbon-free.
BMW says that it is taking various steps to meet its ambitious targets for the steel supply chain. Low-carbon production is one of the important criteria for every contract. "It is important to us that our partners are firmly committed to sustainable action and use production technologies with low -carbon emissions," added Wendt.